In the past, sending money was stressful as it required you to leave the comfort of your home to your bank to transfer money to your friends, family, or colleague.
Let’s imagine some parents living in the hinterlands where there is no bank in their locality, but the need to send money for their children’s tuition fee schooling in the city arises. This means they must travel kilometres from the rural settlement to the nearest urban center to access banking services.
Over a decade ago in Nigeria, here is an overview of sending money:
Visit a bank that may be kilometers away in the business district of a city
Fill in a deposit slip
Wait hours in queues
Get to the deposit counter to discover a mistake in the account number of the receiver or the name
Refill another deposit slip to submit to the cashier.
You can remember that sometimes it may take hours or even days before the receiver gets the money in his account. Yes, the process back then was strenuous, but it left us with only one option besides to go through it.
However, the paradigm shift to technological sophistication in making money transfers fast, simple, and convenient has challenged the status quo such that sending money today can be likened to sending an SMS from your phone to friends and family. It is that easy!
Digital technologies have simplified our banking experience so you can transfer money at your convenience, anytime or any day. Also, do not forget that you can schedule your payments and bill your bills using your phone.
It is noteworthy that this innovation in money transfer is made possible by some tech companies that avail themselves to make life easier for all and sundry that want to send money to people in and outside Nigeria.
What are the Top Companies Leading the Financial Revolution in Nigeria?
1.Mintyn Bank
Mintyn is a digital bank in Nigeria that helps you simplify your financial lifestyle according to your unique needs. It was founded in 2020 to leverage technology to transform money management patterns by people.
With Mintyn, you are in the volition to use your money for desired purposes. You can decide to save, invest, receive, or manage your business finances with Mintyn Bank.
Perks to Mintyn Bank
- You can create an individual or corporate account within minutes without documentation, like in traditional banks.
- You can pay bills and split payments with friends and family on the Mintyn Bank app.
- You can invest on Mintyn with a set rate of return on investment (ROI) within 10–12 months
- You can get physical or virtual cards from the platform, and you can block them in the case of theft.
- You can register your business with the Corporate Affairs Commission (CAC) on the Mintyn app
The Mintyn app provides a feature (Mintyn Marketplace) to enable you to buy your groceries and other products on the platform.
2. Fincra
Fincra is a digital payment solution that enables people to send and receive both local and international payments securely. Trusted by global businesses expunge every facing traditional methods of banking to give their customers a relishing financial experience.
Perks to Fincra
- Developers, fintech, and businesses can use Fincra as a payment gateway
- You can accept payments from international customers with virtual accounts in pounds, euros, and naira currencies.
- Fincra has a security framework and encryption for protecting its customer’s data.
- You can make mass payouts via Fincra API.
- You can send or receive money in your Fincra wallet.
3. Leatherback
Leatherback is a payment solution company that enables you to send money to receivers in and out of Nigeria, especially to the United Kingdom. The platform is designed to make cross-border transfers easy, fast, and cheap.
Leatherback is headquartered in the United Kingdom, but it currently operates in 8 African countries, the US, the UK, and Europe, with a license to operate in these countries.
Perks to Leatherback
- You can create a Leatherback personal or business account.
- You can hold your money in 15 different currencies with the Leatherback multi-currency wallet
- You can get a Leatherback virtual card that enables you to transfer money with it
- You can design an invoice for your business account.
- You can access the Leatherback payroll product to have a professional payroll system for your business.
4. Flutterwave
Flutterwave offers payment methods for enterprises. Olugbenga Agboola and Iyinoluwa Aboyeji created it in 2016. However, Iyinoluwa stepped down as CEO in 2018.
Flutterwave is available in around 12 African countries, the United Kingdom, the United States, and other regions of Europe.
Perks to Flutterwave
- You can receive payments on your website or by sending a unique link to your customers.
- Barter by Flutterwave helps you to create virtual cards that can enable you to shop on international websites/stores.
- You can create a digital store and receive payments directly to your account.
5. Paystack
Paystack offers digital payment and mobile money transfer solutions to entrepreneurs and small and medium-sized businesses. Shola Akinlade and Ezra Olubi founded it in 2015.
Paystack is the first Nigerian startup to graduate from the prestigious Y Combinator program. Stripe’s acquisition in October 2020 aided in the expansion of its operations to other countries in Africa.
Perks to Paystack
- You can create a simple, shareable link to receive payments even if you don’t have a website.
- Paystack has a robust security infrastructure that helps you detect and prevent fraudulent transactions.
- You can create a Paystack business account, albeit with a small fee, anytime you receive money.
Conclusion
The financial industry is revolving and evolving. Therefore, these few best tech companies make life more accessible for people to send money. It is essential to study these companies to infer the appropriate platform for you.
But Mintyn Bank is your best platform to send, receive, and invest your money for a healthy financial lifestyle while you also pay your bills and access its marketplace for your groceries.
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